精测电子(300567)：25H1净利承压 半导体业务高歌猛进

Core Viewpoint - The company reported its 2025 H1 results, showing a revenue increase but a significant decline in net profit, indicating challenges in profitability despite growth in certain sectors [1][2]. Financial Performance - For 2025 H1, the company achieved a revenue of 1.381 billion yuan, a year-on-year increase of 23%, while the net profit attributable to shareholders was 28 million yuan, a year-on-year decrease of 44% [1]. - The gross profit margin reached 44.05%, up by 1 percentage point year-on-year [1]. - In Q2, the company recorded a revenue of 692 million yuan, a year-on-year decrease of 2%, with a net profit of -10 million yuan, reflecting a 115% decline year-on-year [1]. Semiconductor Sector Growth - The semiconductor business generated revenue of 563 million yuan, a year-on-year increase of 146%, with a net profit of 158 million yuan, a year-on-year increase of 2316% [2]. - The current order backlog in the semiconductor sector stands at 1.823 billion yuan, with over 90% from front-end measurement [2]. - The company has successfully validated silicon wafer stress measurement equipment and secured repeat orders from major domestic clients [2]. Flat Panel Display Industry Recovery - The flat panel display segment reported revenue of 671 million yuan, a year-on-year decrease of 14%, with a net profit of 28 million yuan, down 66% year-on-year [2]. - The order backlog in this sector is 1.44 billion yuan, reflecting an 88% increase quarter-on-quarter [2]. - The industry is gradually recovering from a cyclical low, with expected demand for large-size LCDs and advancements in OLED technology [2]. Investment Outlook - The company is projected to achieve revenues of 3.395 billion yuan, 4.363 billion yuan, and 5.413 billion yuan for the years 2025 to 2027, with corresponding net profits of 192 million yuan, 312 million yuan, and 475 million yuan [3]. - The price-to-earnings ratios are expected to be 95.21, 58.53, and 38.37 for the same years [3]. - The rapid development of the semiconductor business and sustained high R&D investment are expected to support continued growth across various sectors [3].